Investment Rating - The report maintains a "Buy" rating for Xiaomi Group, Transsion Holdings, Liyin Intelligent Manufacturing, Guoguang Electric, and others, indicating a positive outlook for these companies in the context of the smart home industry [4][5]. Core Insights - Xiaomi's Miloco introduces a new paradigm in smart home technology by leveraging large models to create a more intuitive and interactive home environment, allowing users to communicate naturally with their smart home systems [1][2]. - The Miloco system addresses the limitations of traditional smart home setups, which often require cumbersome manual configurations and lack interoperability between different brands [1]. - The system is built on a proprietary large model, Xiaomi MiMo-VL-Miloco-7B, which integrates visual and language capabilities, enhancing the smart home experience through advanced perception and interaction [2]. Summary by Sections Investment Recommendations - The report suggests continuous monitoring of companies benefiting from the smart home wave, including Xiaomi Group, Transsion Holdings, and various suppliers and component manufacturers [2]. Company Financial Projections - Xiaomi Group is projected to have an EPS of 1.68 CNY in 2025, with a PE ratio of 22, indicating strong growth potential [4]. - Transsion Holdings is expected to achieve an EPS of 2.70 CNY in 2025, with a PE ratio of 23, also reflecting a favorable investment outlook [4]. - Liyin Intelligent Manufacturing is forecasted to have an EPS of 0.33 CNY in 2025, with a PE ratio of 41, suggesting significant growth opportunities [4]. Technological Advancements - Miloco's architecture allows for extensive customization and expansion, enabling developers to modify any layer of the system, which supports both stability and future growth [2]. - The focus on privacy and security through local data processing is a key differentiator for Miloco, ensuring user data remains protected [2].